The Dollar and the International Monetary System After World War II—The Inherited Keynesian Approach

Yasuo Gonjo ()
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Yasuo Gonjo: Yokohama National University

Chapter Chapter 7 in The Truth of Liberal Economy, 2023, pp 49-59 from Springer

Abstract: Abstract This chapter deals with Rueff's diagnosis of the dollar shortage that appeared in European countries after the war, the restoration of convertibility of national currencies after the end of the 1950s, and the balance of payments deficit of the United States. The only way to solve the dollar shortage, according to Rueff's diagnosis, is to end inflation and restore the automatic adjustment mechanism of the balance of payments. The gold exchange standard of his time was “the most absurd settlement system imaginable,” according to Rueff, and he argues for a return to the gold standard. The chapter also addresses the difference between Triffin's well-known “liquidity dilemma” theory and Rueff's argument.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-981-99-0841-7_7

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DOI: 10.1007/978-981-99-0841-7_7

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